Buried under the heavy burden of debts and filing for bankruptcy remains the last way out? Falling behind on debts and unable to pay mortgages on time often makes an individual consider - Can I file for bankruptcy or should I file for bankruptcy? These thoughts usually run through a debtors mind as bankruptcy could be the last resort they opt for to clear their debts & it remains on one’s record.
No one thinks this could possibly happen to them until reality kicks in and filing bankruptcy is the last resort. People, who consider or file for bankruptcy, ordinarily encounter several financial obligations that they are unable to keep up with. These debts could be the consequence of financial hardships and adversity like unemployment, medical expenses, car loans, credit card bills, extended and unpaid credit, or merely over expenditure.
Bankruptcy is a secure solution that legally frees you from your debts and gives you a chance to start fresh.Bankruptcy usually is a federal court proceeding in which an insolvents assets & resources are liquidated and the debtor is relieved from further liabilities. Bankruptcy can be classified into Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.
Chapter 7, also known as straight bankruptcy is pertained to liquidation, where as Chapter 13, known as wage earner/ reorganization deals with reorganization of debts & rendering various adjustments to clear your debts.
Bankruptcy being a federal court procedure, it’s of extreme importance that you consult an experienced bankruptcy attorney. Bankruptcy attorneys give you apt legal advice and guide you as you file a court petition for bankruptcy and throughout the bankruptcy process.
On successful bankruptcy discharge, one can start fresh without the burden of debts.
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